According to the Research report published by Credible Markets, global connected health device market is currently valued at USD 93.62 billion and is expected to grow at a CAGR of 17% over the forecast period of 2022-2030.
Connected Health Device Market Overview
Connected health devices run the gamut from wearable heart monitors, Bluetooth-enabled scales, and Fitbits. These devices provide health measures of patients and transmit them back to providers. In some cases, it is seen that they are reported back to providers in order to facilitate healthcare decisions from afar. Connected health encompasses programs in telehealth, remote care, which includes, home care, and disease and lifestyle management that often have leverages existing technologies, such as connected devices that use cellular networks and is in association with efforts in order to improve chronic care.
Key market Trends- Growth Determinants and Challenges
The Connected Health Device Market is being fuelled by factors such as, an increase in adoption of IT in Healthcare, also the increasing wearable devices healthcare sector that has given rise to the market share. Adoption of cloud technology for interconnected healthcare devices, and the adoption of telemedicine has a direct impact on the market.
Alongside, the major drivers for growth of connected health device market includes, an increase in adoption of IT in healthcare, an increase in healthcare costs, need of easy and reliable patient monitoring systems for chronic diseases, and also the growth in awareness for health and fitness.
On the flip side, the pandemic had led to a significant delay in the commercial roll-out of the market. Players have faced numerous challenges as there was disruption in the supply chain of the market.
Segmental Analysis of the Connected Health Device Market
Based on Application
• Consumer monitoring
• Wearable devices
• Stationary devices
• Internally embedded devices
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Wearable devices are expected to hold the highest market share in the application segment of the market. Wearable technologies in the healthcare industry has offered a lot of convenient means to monitor the physiological features. The adoption of wearable devices in the healthcare segment has gained a lot of traction over the forecast year.
North America has the highest revenue share of the market
North America holds the highest revenue share in the connected health devices market. The US connected health device market is defined by the presence of established medical device manufacturers and the advanced healthcare system, and significant healthcare expenditure.
North America, Europe, Latin America, Asia Pacific, Middle east and Africa are the major region constituting the geographical landscape of worldwide connected health devices market.
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere are GE Healthcare, Honeywell International Inc., Medtronic Inc., Abbott Laboratories, and Koninklijke Philips NV.
Major Developments
• In April 2021, Medtronic had announced the launch of its research and development center in India that is going to be the largest R&D center outside the United States. Due to faster-changing healthcare in India, the company has decided to build this massive facility that will serve as a key hub for engineering and innovation across the company’s global R&D effort.
• In January 2022, the company announced that it was developing a new category of consumer bio-wearables called Lingo that is designed in order to detect key signals in the body such as glucose, ketones, and lactate, so as to help people to better understand their general health and take action.
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Major questions answered in this report
• What is the growth rate of the connected health devices market?
• What are the primary growth determinants of the connected health devices market?
• Which are the major regions constituting the geographical landscape of the connected health devices market?
• Which are the prominent companies operating in the connected health devices market?
Key takeaways from the Report
• Connected Health Devices market is projected to register at a CAGR of 17% over 2022-2030.
• An increase in adoption of IT in Healthcare and the increasing wearable devices healthcare sector are aiding market progression.
• Wearable devices segment is poised to expand significantly because it offers a lot of convenient means to monitor the healthcare sector.
• North America is anticipated to hold the highest revenue share of the market.
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